The crypto exchange called FTX, currently looks to continue to grow as one of the largest exchanges in the world.
Currently, FTX is in the middle of making an agreement with the Miami Heat basketball team to buy the stadium.
FTX CEO, Sam Bankman-Fried, stated that the purchase was aimed at philanthropic.
FTX Purchases Miami Heat Basketball Stadium
With the purchase, the Miami Heat stadium will be converted into the FTX Arena, where the rights to the name will last until 2040.
FTX reached an agreement with a joint rights contract on behalf of the 19 year FTX Arena, valued at $ 135 million or Rp1.9 trillion.
As a result of this purchase, FTX will become the first crypto market player to formalize naming rights in the American basketball industry or the NBA.
The contract approval is rumored to take place on March 26, 2021, which is a big step for FTX.
FTX CEO Sam Bankman-Fried thinks this purchase will be a big step. He has stated,
"This partnership opportunity will make the FTX name appear in a monumental building. It is an opportunity to add value to the Miami community and surrounding cities, including the community, organization and culture of the top teams in the NBA."
The proceeds from this deal are also rumored to be allocated to the Miami Area authorities.
The reason is, Sam Bankman-Fried stated that this purchase has contributed to its philanthropic aspects.
This statement he conveyed on the CoinDesk TV program entitled "First Movers".
As a Philanthropic Step
This step is seen as a way to raise a lot of money and allocate it in effective tourism. He has stated,
“I saw what role I could play in the world. I hope to make a positive impact with the money allocated and be able to help many people in this area. "
Technology has spawned many billionaires whose names are printed on stadiums and sports team shirts.
In this positive period in the crypto market, Bankman-Fried stated that the move was his way of acquiring the legacy he left behind.
Bankman-Fried will be the first executive in crypto to have ties to a sports team franchise.
This move will make his move similar to Mark Cuban with the Dallas Mavericks and Chamath Palihapitiya with the Golden State Warriors.
All parties confirmed that the transaction was a business, and Bankman-Fried said the acquisition costs were considered advertising costs.
According to Bankman-Fried, Miami is a growing area for crypto businesses.
Bankman-Fried stated that this partnership could attract the attention of ordinary crypto investors. He has stated,
“We feel we have created a very good product. We will be happy if many people are open to it and feel the product to see what they think. "
Limits in making money and doing good in the crypto world are often difficult to see in the crypto world, for example Non-fungible tokens (NFT).
NFTs make it easier to democratize ownership of digital goods, but they have become the basis of fraud, according to Bankman-Fried. He has stated,
"I am concerned that the current NFT does not aim to implement blockchain in products that are in increasing demand."
However, he worries that NFT could become as crypto as 2017 and 2018 and end badly for the sector.
But now FTX appears to be engaged in philanthropic work with this purchase, which could be a great publication for new users.
